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2008 second quarter financial and operating results
| Calgary, AB, July 31, 2008
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Imperial Oil today announced that net income for the second quarter of 2008 was a record $1,148 million or $1.28 a share, compared with $712 million or $0.76 a share for the same period last year. Net income for the first six months of 2008 was $1,829 million or $2.03 a share, versus $1,486 million or $1.57 a share for the first half of 2007.
Earnings in the second quarter were higher than the same quarter of 2007 as higher Upstream earnings were partially offset by lower Downstream earnings. In the Upstream, higher crude oil and natural gas commodity prices were partially offset by the negative impacts of lower conventional volumes from expected reservoir decline, higher royalties, a stronger Canadian dollar, and higher energy and maintenance costs. Lower Downstream earnings were primarily due to the negative impacts of lower overall industry refining margins and a stronger Canadian dollar, partially offset by a gain from asset divestment.
Operating revenues were $8,618 million in the second quarter, compared with $6,299 million in the corresponding period last year. Capital and exploration expenditures were $308 million in the second quarter, compared with $200 million during the same quarter of 2007. For the first half of 2008, the amount was $608 million, versus
$416 million in the same period a year ago. During the first half of 2008, the company repurchased about 22 million shares for
$1,196 million. At June 30, 2008, the company's balance of cash and marketable securities was $1,295 million, compared with
$1,208 million at the end of 2007.
"Our operations and reliability improved in the quarter and included successful completion of planned turnarounds in the Upstream and Downstream businesses," said Bruce March, Imperial’s chief executive officer. “We continue to focus on our high quality portfolio of company growth projects and have received federal authorization for the Kearl oil sands project to proceed,” March added.
Click here to read our interim report that includes the news release, highlights and items of interest, management's discussion and analysis, and financial statements.
Imperial Oil is one of Canada’s largest corporations and a leading member of the country’s petroleum industry. It is one of the country’s largest producers of crude oil and natural gas, is the largest petroleum refiner, and has a leading market share in petroleum products sold through a coast-to-coast supply network that includes about 1,900 service stations.
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